how can i stay in my home

[teanytrace01]

i got amortgage with my husband last october but we have now parted ,i cannot afford to pay it ,what steps can i take to avoid leaving whether still owning or renting my home.

[sammy snake]

Who is living in the house now, you or him?

If you can't afford to pay the mortgage on your own, I don't see that you have many options. You could sell your house to one of those Companies that buy it from you then rent it back to you - BUT they will usually only buy it for about 75% of the value and there are many tales of people being evicted after the initial 6 months rental period is up. On short, this is not really a good idea.

If there is any equity in the property, your ex may want his share. Can you afford to pay him this? You may have to sell and buy or rent somewhere smaller.

[rabbitygirl]

I assume he has moved out teanytrace. Either way, you need to inform your lender that you are likely to experience problems with your repayments - and before payments are missed.

Also, you may wish to consider renting out a spare room, if you have one. You are able to receive rental income of up to approx �4200 per annum without paying tax on it, which may help.

Your husband may wish to help keep the property from being sold below value, or possibly repossessed (which often leads to the same thing). Suggest to him that you work together to keep the house, and when the housing situation is better you can hopefully sell at market price to your mutual benefit.

Otherwise, you will have to sell, probably at some loss in the current housing climate.

[Twenty20]

I dont know how big the house is but have you thought of taking in a lodger(s), at least in the short term. Other than that I cant see many options apart from selling.

Please dont sell to one of those companies that offer to rent your home back to you. They really just want to sell your house on and make a quick profit.

Speak to your mortgage company and tell them your problem, they may be able/willing to help.

[georgedoran]

ask for a 'holiday period' with your mortgage, explain what has happened and they should switch your mortgage over to a interest only for a few months, this will enable you to sort things out and get a clear head. If you are not yet divorced, your husband should still be paying half the mortgage. After a divorce, he will probably want to sell the property and take any equity, you could buy his half of the house, or ask him nicley if you can keep the house. then get an interest only mortgage on your own. The market is bad at the moment, so lucky for you your husband might say hold on to the house untill the market picks up. Hope this is some help